Which? responds to FCA call for high-cost credit firms to review their re-lending practices

Gareth Shaw, Head of Money at Which?, said:

“It’s very concerning that the regulator has identified inappropriate tactics being used by high-cost lenders that are encouraging people into more debt, particularly as it is often those who are most vulnerable who turn to this type of credit in the first place.

“The FCA must ensure that these lenders act responsibly, now more than ever. If these firms don’t raise their game, it must crackdown to stamp these practices out to prevent customers from being trapped in a cycle of persistent debt.”

Statement